South Africa’s Yoco raises $83 million

South Africa-based fintech and remittance platform Yoco, has completed its Series C funding round afterraising US$83 million to help upgrade its platform while also widening its reach into new markets globally.

In 2018, Yoco raised US$16 million in its Series B funding round and this new round brings the total raised so far to US$107million. With the latest capital injection, Yoco will implement new strategies aimed at penetrating key markets outside of South Africa.

Yoco has gained a reputation over the years as one of Africa’s most valuable startups, making this recent funding round an expected development. This investment is South Africa’s all-time most valuable and Africa’s third most valuable, trailing behind Nigeria’s Fluttterwave and Chipper Cash.

Yoco’s primary mission is to develop products and solutions that make payments more seamless for SMEs, which are the primary drivers of most economies. SMEs make up 90% of the global operational businesses and are responsible for more than 50% of the jobs created. 

Yoco was founded in 2013 and has served small businesses helpful offerings such as access to loans, daily financial management, and online and in-store payments. Yoco is home to 150,000 partners and reports a growth rate of 500 merchants daily.